Last year, Ferrell and frequent co-writer-director Adam McKay pitched their approach to Anchorman 2, which would reunite Ferrell with costars Paul Rudd, Steve Carell, and David Koechner.  The project met with resistance at its studio, however, and Ferrell offers a not-terribly optimistic update, saying, "You really have to assert some sort of email hate campaign to Paramount Pictures." He explains that the studio, "Told us, they've run the numbers and it's not a good fit." 

When McKay and Ferrell were cooking up their Anchorman 2 story, it was rumored that the sequel would be an elaborate musical preceded by a stage production over the story and songs.  Ferrell confirmed the ambitious plan, saying, "Yeah, that was our idea.  Almost like the Marx Brothers used to do, we were going to do a Broadway musical and then have a film come out after the stage show."

"Everyone that we tell the idea loves it except for the studio that owns the rights," Ferrell asserts, sharing his frustration with the studio.  "They're being idiots."

Similarly, writer-director Ben Stiller has been attempting to gain momentum on a sequel to Zoolander, in which Ferrell played the villainous fashion designer Jacobim Mugatu (inventor of the keyboard necktie).  Of that potential sequel, the actor had considerably less information to offer, stating simply, "Zoolander 2, I don't know anything about." 

This might seem like a lot of bad news, but there are glimmerings of hope on future Ferrell sequels.  A Step Brothers 2 might just happen down the road, as Ferrell, McKay, and co-star John C. Reilly have discussed potential stories.  "We just sat down with John [C. Reilly] and we were kicking around some ideas.  So maybe.  We'll see," he explains.

His next project is a politically-minded comedy Southern Rivals, from director Jay Roach, who is known for his work on the Austin Powers franchise, as well as the HBO political dramas Recount, and the currently-filming Game Change.  Ferrell explains that he and Zach Galifianakis play, "rival Southern politicians in a small congressional district in South Carolina."  The film, he says, "comments on the circus that is now modern day politics."  While it looks like we won't be seeing any sequels starring Will Ferrell any time soon, Southern Rivals will hit theaters next year, to coincide with the 2012 Presidential Election.